The 29-year-old Khan, a former Olympic silver medallist and light-welterweight world champion, will be Alvarez's first opponent since the Mexican beat Miguel Cotto on a unanimous points decision in Vegas in November.
"Amir was a decorated amateur, a two-time world champion and is in the prime of his career. Fans are in for a great fight on May 7," Alvarez, 25, beaten only once in 48 fights, said in a statement from Golden Boy Promotions.
Alvarez, whose nickname Canelo comes from the Spanish word for cinnamon owing to his red hair, has only one defeat on an otherwise unblemished record, a majority decision loss to American great Floyd Mayweather.
Khan, who boasts a 31-3 record with 19 knockouts, has not fought since outpointing Chris Algieri in New York last May.
"I know Canelo fights the best and wouldn't pass up the opportunity to face me like others have," Khan said.
"My goal is to always fight the biggest names and the best fighters that is why I'm excited for this fight."
(Reporting by Martyn Herman; editing by Toby Davis)
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